The global instrument transformers market was valued at $7.0 billion in 2020, and is projected to reach $13.0 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Instrument transformers are devices used in electrical power systems to transform high currents and voltages into manageable and measurable levels for protection, control, and metering purposes. These transformers play a crucial role in ensuring the safety, accuracy, and efficiency of power systems.
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Applications of Instrument Transformers:
Metering: CTs and VTs are used in metering applications to measure and monitor energy consumption accurately.
Protection Relays: Instrument transformers provide input signals to protection relays that detect abnormal conditions, such as overcurrent, overvoltage, and underfrequency events, and trigger protective actions.
Control Systems: CTs and VTs help monitor and control various parameters in power distribution and industrial systems.
Substation Automation: Instrument transformers enable remote monitoring and control of substations, enhancing the efficiency and reliability of power distribution networks.
Fault Detection: CTs are used to measure fault currents, helping to locate and isolate faults quickly.
Phasor Measurement: Instrument transformers are essential for accurate phasor measurement used in advanced power system monitoring and control applications.
The major players studied and profiled in the global instrument transformers market are ABB, General Electric, Schneider Electric, Siemens, CG Power and Industrial Solutions Ltd, Mitsubishi Electric Corporation, Instrument Transformer Equipment Corporation, Arteche, Nissin Electric, and Bharat Heavy Electrical Limited.
Key findings of the study
In 2020, Asia-Pacific dominated the global instrument transformers market with around 43% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 7.4% in terms of value.
The current transformers segment dominated the global instrument transformers market with around 43.4% of the share in terms of revenue.
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The potential transformers segment is projected to grow at the highest CAGR of 6.9% in terms of revenue.
The high voltage transmission segment dominated the global instrument transformers market with around 27.3% of the share in terms of revenue
The distribution voltage segment is projected to grow at the highest CAGR of 7.4% in terms of revenue.
The metering and protection segment dominated the global instrument transformers market with around 32.9% of the share in terms of revenue.
The switchgear assemblies segment is projected to grow at the highest CAGR of 7.0% in terms of revenue.
The power utilities segment dominated the global instrument transformers market with around 57.4% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.8% in terms of value.
Rise in need for electricity, coupled with rise in concerns pertaining to grid stability boost the global market. Growth in interest toward rural electrification in line with renovation of existing grid network are expected to favor toward authorities to incorporate an efficient protection and monitoring mechanism.
COVID-19 Analysis:
Governments of various countries have restricted movement of goods & individuals and halted operations of production facilities as part of measures to limit spread of the COVID-19 pandemic. This has hampered consumption of electricity across the world. For instance, according to the short-term outlook of the U.S. Energy Information Administration (EIA), electricity consumption in the U.S. is expected to decrease by a record 4.6% by the end of 2020, as businesses have shut down temporarily due to government lockdowns to reduce spread of the coronavirus. Hence, owing to this demand and production of instrument transformers across the globe is expected to decline.
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Instrument transformers are electrical devices that are used to isolate or transform voltage into current levels with higher degree of accuracy. These devices are also used to measure different electrical parameters, including voltage, frequency, current, and power factor in AC systems. They offer several advantages, such as standardization of measuring instruments as well as reduction of measuring costs, assuring safety of operators and creating multiple connections through a single transformer to the power system.
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